Having overseen a period of intense financial volatility, Somers feels he has been subject to personal attacks from a number of sources. He leaves the Glasgow-based team in the second tier of Scottish football, in third place behind Hearts and Hibernian.
Explaining his decision, Somers said: I have worked in the City of London, the worlds greatest financial centre for decades and enjoyed considerable success. When I was approached about the chairmanship of Rangers, friends warned me that the world of football has different rules of codes and behaviour. I now know that is a gross understatement.
I am a non-confrontational man and have always tired to bring harmony to boardrooms and with stakeholders. At the risk of antagonising my army of critics I would point out that Rangers managed to pay its bills and avoid going under during my tenure.
Somers revealed that these same critics would not agree with how he and the board achieved this, and that he looks forward to alternative solutions from whoever takes up the mantle of running the club now.
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In January, Rangers secured a 10m loan from Sports Direct and its founder Mike Ashley to provide a long-term on-going credit facility. It was then speculated that Ashley was demanding certain players, including those on loan from his other club Newcastle United, were played in the Rangers starting 11.
The club also turned down an offer from US basketball team owner Robert Sarver in January, after it was deemed to undervalue the business. On the same day, Rangers were forced to turn to existing shareholder Alexander Easdale to secure the 500,000 required in order to avoid a winding up notice.
Financial problems date back to February 2012 when the club entered administration with debts totalling 134m.
Making his final statements as Rangers chairman, Somers added: Despite the personal attacks on me from various sources I genuinely wish the club the very best in the future and I am confident that with such passionate vociferous fan base they will be restored to their former glories.